What You Should Know About Hybrid Car Insurance
Posted on Thu, Nov 18, 2010
Some people buy hybrid vehicles to help protect the environment, some to save money, while others are simply tired of listening to their environmentally conscious friends. Whatever reason you choose for buying a hybrid, you should know how it affects your auto insurance.
There are advantages to purchasing a hybrid vehicle. Many car insurance companies will provide a 10% discount for hybrid owners right off the bat. Why? First of all, hybrid owners on average tend to be responsible, mature drivers who will be less likely to get into car accidents – and therefore will be less likely to file claims. These kind of drivers wind up in the "preferred insurance category," which means that they can get lower rates. In fact, surveys suggest that hybrid car owners are typically married men and women between the ages of 41 and 60 who are financially stable and responsible.
Just because you opt for a hybrid car doesn't necessarily mean that you will get a great rate on your insurance – or even any kind of discount at all. Insurers look at dozens of factors. Your driving record matters (whether you get into accidents, make claims or get traffic citations). Your experience on the road matters – more experienced drivers get lower rates. Your loyalty to your hybrid car insurance company matters. Carriers tend to reward loyal customers with discounts. Even how you pay your premium matters. For instance, if you pay via electronic funds transfer (EFT), you can save money monthly on your hybrid auto insurance over what you might pay if you do standard paper billing.
Many factors can influence your hybrid auto insurance rates, so speak to an insurance agent about how to tailor your coverage for the best benefit.